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Bank of America

4Q20 Financial Results

January 19, 2021


Full Year 2020 Financial Results 1
Summary Income Statement $ Inc / % Inc /
FY20 FY19
($B, except per share data) (Dec) (Dec)

Total revenue, net of interest expense $85.5 $91.2 ($5.7) (6)


Provision for credit losses 11.3 3.6 7.7 N/M
Net charge-offs 4.1 3.6 0.5 13
Reserve build / (release) 2 7.2 (0.1) 7.3 N/M
Noninterest expense 55.2 54.9 0.3 1
Pretax income 19.0 32.8 (13.8) (42)
Pretax, pre-provision income 3 30.3 36.3 (6.0) (17)
Income tax expense 1.1 5.3 (4.2) (79)
Net income $17.9 $27.4 ($9.5) (35)
Diluted earnings per share $1.87 $2.75 ($0.88) (32)
Average diluted common shares (in millions) 8,797 9,443 (646) (7)

Return Metrics and Efficiency Ratio

Return on average assets 0.67 % 1.14 %


Return on average common shareholders' equity 6.8 10.6
3
Return on average tangible common shareholders' equity 9.5 14.9
Efficiency ratio 65 60

Note: Amounts may not total due to rounding. N/M stands for not meaningful.
1 Provision for credit losses, allowance for credit losses and related credit metrics in this presentation reflect the Company’s adoption of the accounting standard on current expected

credit losses (CECL) effective January 1, 2020. For more information, see important presentation information on slide 34.
2 For more information on reserve build / (release), see note A on slide 31.
3 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note B on slide 31. For important presentation 2
information about these measures, see slide 34.
Consumer and Small Business Spending and Payments Trend
Payment Spend Year-over-Year % Growth
1
Credit Spend YTD Debit Spend YTD Total Payments YTD 2 Total Payments Monthly 2

20%

10%

0%

(10%)

(20%)

(30%)
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20

FY 2020 – Dollar Volume by Payment Type FY 2020 – YoY Change in Transaction Volume
22%
79%

9% 7%
Credit 19%
Debit 12%
ACH
6%
Wires $3.1T (8%)
P2B/P2P
18% 28% (21%)
Cash
Credit/Debit Cash/Check ACH/Wire P2B/P2P
Check
8% % of Total
Transaction 75% 7% 10% 7%
Volume

Note: Amounts may not total due to rounding.


1 Includes consumer and small business credit card portfolios in Consumer Banking and GWIM. 3
2 Total payments include total credit card, debit card, ACH, wires, bill pay, person-to-person, cash and checks.
Global Banking Loan Trend
Global Banking Funded Loans and Leases (EOP, $B)
450

400

350

300
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 12/1 12/7 12/14 12/21 12/28 12/31

Indexed Funded Loans and Leases by Business


120
Global Corporate & Investment Banking
Global Commercial Banking
110 Business Banking

100

90

80
Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 12/1 12/7 12/14 12/21 12/28 12/31

4
2020 Strategic Progress
Consumer GWIM Digital
• Record deposit balances and retained • Record client balances of >$3.3T 2 • 69% of Consumer and Wealth
the #1 deposit market share position • Product integration continued to Management households are digitally
for retail deposits 1 improve as more Merrill Lynch clients active, generating 9B logins in 2020
• Held a top 3 leadership position for utilized our bank platform services, • Digital accounted for 42% of consumer
retail deposits in 25 of the top 30 U.S. with deposit balances up 28% YoY sales this year
markets, including 14 #1 positions 1 • In 2020, Merrill Lynch added ~22k net • Erica:
• Record Consumer investment balances new relationships and Private Bank — Users grew 67% to 17MM
surpassed major milestones: added ~1,800 — 1.4MM hours of client interactions
— >$300B in balances — Record year for $10MM+ — 58% of all interactions were in
— >3MM accounts relationships across the two 2020
businesses
• Zelle volume grew 80% YoY
Global Banking Global Markets • Launched Life Plan in September,
2.1MM plans already created
• Focused on supporting our clients • #1 Research platform in the world 4
through the COVID-19 crisis with calls • Record sign-ins through CashPro App,
• FY 2020 Sales and Trading revenue up
to clients up ~60% surpassing 1MM in 2020
17% YoY, excluding net DVA; 5 highest
• Record annual Investment Banking (IB) annual revenues since 2010
fees with three of our strongest — Record post-merger Equities
quarters in the Company’s history revenues, up 10% on previous
• Improved IB ranking to #3 and grew best year of 2018
market share 70 bps, including highest
• FY 2020 net income of $5.2B; highest
ever share in ECM and M&A 3 since 2009

Proprietary research, sustainable financing initiatives, societal investments including $1B commitment to address racial injustice, achieved
ESG carbon neutrality goals, $20 per hour minimum wage, joined the Partnership for Carbon Accounting Financials (PCAF) initiative
1 Estimated retail consumer deposits based on June 30, 2020 FDIC deposit data.
2 EOP balances as of December 31, 2020.
3 Per Dealogic as of January 1, 2021.
5
4 Institutional Investor, 2019.
5 Represents a non-GAAP financial measure. See note E on slide 31 and slide 34 for important presentation information.
4Q20 Financial Results 1

Summary Income Statement $ Inc / $ Inc /


4Q20 3Q20 4Q19
($B, except per share data) (Dec) (Dec)

Total revenue, net of interest expense $20.1 $20.3 ($0.2) $22.3 ($2.3)
Provision for credit losses 0.1 1.4 (1.3) 0.9 (0.9)
Net charge-offs 0.9 1.0 (0.1) 1.0 (0.1)
Reserve build / (release) 2 (0.8) 0.4 (1.2) (0.0) (0.8)
Noninterest expense 13.9 14.4 (0.5) 13.2 0.7
Pretax income 6.1 4.5 1.6 8.2 (2.1)
Pretax, pre-provision income 3 6.2 5.9 0.2 9.1 (2.9)
Income tax expense 0.6 (0.3) 1.0 1.2 (0.5)
Net income $5.5 $4.9 $0.6 $7.0 ($1.5)
Diluted earnings per share $0.59 $0.51 $0.08 $0.74 ($0.15)
Average diluted common shares (in millions) 8,785 8,777 8 9,080 (294)

Return Metrics and Efficiency Ratio

Return on average assets 0.78 % 0.71 % 1.13 %


Return on average common shareholders' equity 8.4 7.2 11.0
3
Return on average tangible common shareholders' equity 11.7 10.2 15.4
Efficiency ratio 69 71 59

Note: Amounts may not total due to rounding.


1 Provision for credit losses, allowance for credit losses and related credit metrics in this presentation reflect the Company’s adoption of the accounting standard on current expected credit

losses (CECL) effective January 1, 2020. For more information, see important presentation information on slide 34.
2 For more information on reserve build / (release), see note A on slide 31.
3 Represent non-GAAP financial measures. For more information on pretax, pre-provision income and a reconciliation to GAAP, see note B on slide 31. For important presentation 6
information about these measures, see slide 34.
4Q20 Highlights
(Comparisons are to 3Q20 unless otherwise noted)

• Diluted earnings per share of $0.59, up 16%


• Net income of $5.5B increased $0.6B, or 12%, driven by lower provision expense
— Revenue of $20.1B declined 1%, as lower noninterest income was partially offset by higher net interest income
 Net interest income of $10.25B ($10.37B FTE 1) increased $124MM driven by higher investment securities balances
 Higher Investment and brokerage services fees and Investment banking fees were more than offset by lower other
income and a less robust trading performance
— Provision expense of $53MM declined $1.3B
 Included a $0.8B net reserve release reflecting an improved macroeconomic outlook
 Net charge-offs of $0.9B were down $0.1B
— Noninterest expense of $13.9B decreased $0.5B, or 3%, driven by lower litigation expense
• Strengthened balance sheet
— Common Equity Tier 1 capital rose to $177B
— Book value per share improved to $28.72
— Paid $1.6B in common dividends to shareholders in 4Q20
• Will recommence share repurchases in line with the Federal Reserve's requirements
— The Board authorized the repurchase of $2.9B in common stock through March 31, 2021, plus repurchases to offset shares
awarded under equity-based compensation plans during the same period, estimated to be $0.3B
— Dividend to remain at $0.18 per share in 1Q21

Note: FTE stands for fully taxable-equivalent basis.


1 Represents a non-GAAP financial measure. For important presentation information, see slide 34.
7
Balance Sheet, Liquidity and Capital
(EOP basis unless noted)

Balance Sheet ($B) 4Q20 3Q20 4Q19 Basel 3 Capital ($B) 4 4Q20 3Q20 4Q19
Total assets $2,819.6 $2,738.5 $2,434.1 Common equity tier 1 capital (CET1) $176.7 $173.2 $166.8
Total loans and leases 927.9 955.2 983.4 Standardized approach
Total loans and leases in business segments 1 906.6 932.1 946.3 Risk-weighted assets $1,480 $1,460 $1,493
Total debt securities 684.9 584.4 472.2 CET1 ratio 11.9 % 11.9 % 11.2 %
Advanced approaches
Funding & Liquidity ($B) Risk-weighted assets $1,372 $1,364 $1,447
Total deposits $1,795.5 $1,702.9 $1,434.8 CET1 ratio 12.9 % 12.7 % 11.5 %
Long-term debt 262.9 255.7 240.9 Supplementary leverage
Global Liquidity Sources (average) 2 943 859 576 Supplementary leverage ratio (SLR) 7.2 % 6.9 % 6.4 %

Equity ($B) • In 4Q20, the Standardized approach yielded the lower CET1
Common shareholders' equity $248.4 $245.4 $241.4 ratio and was therefore used to assess capital adequacy; CET1
Common equity ratio 8.8 % 9.0 % 9.9 % ratio was flat vs. 3Q20
Tangible common shareholders' equity 3 $178.2 $175.2 $171.5 — 4Q20 CET1 ratio (Standardized) of 11.9% 4
Tangible common equity ratio 3 6.5 % 6.6 % 7.3 %
— 4Q20 CET1 ratio (Advanced) of 12.9% 4
Per Share Data — CET1 capital of $176.7B was up $3.5B from 3Q20
Book value per common share $28.72 $28.33 $27.32
— Standardized RWA of $1,480B increased $20B from 3Q20
Tangible book value per common share 3 20.60 20.23 19.41
Common shares outstanding (in billions) 8.65 8.66 8.84 • Book value per share increased 5% from 4Q19 to $28.72
• $943B of average Global Liquidity Sources; 2 up $367B from
4Q19

1 Excludes loans and leases in All Other.


2 See note C on slide 31 for definition of Global Liquidity Sources.
3 Represent non-GAAP financial measures. For important presentation information, see slide 34.
4 Regulatory capital ratios at December 31, 2020 are preliminary. The Corporation reports regulatory capital ratios under both the Standardized and Advanced approaches. The

approach that yields the lower ratio is used to assess capital adequacy, which for Common equity tier 1 (CET1) is the Standardized approach for all periods presented. Supplementary
8
leverage exposure at December 31, 2020 and September 30, 2020 excludes U.S. Treasury securities and deposits at Federal Reserve Banks. SLR would have been 6.2% as of both
4Q20 and 3Q20 without the benefit of the exclusions.
Average Loans and Leases 1
Total Loans and Leases ($B) Total Loans and Leases in All Other ($B)
$928 $935 $974 $935
$1,000 $908 $125
YoY $100
(4%) $100 9
$750
18 $71
$75
$500 14 $53
$50 10 $38
YoY
$250 73 5 $22
$25 58 (42%)
43 33 4
18
$0 $0
4Q16 4Q17 4Q18 4Q19 4Q20 4Q16 4Q17 4Q18 4Q19 4Q20
Residential mortgage Home equity Other

Loans and Leases in Business Segments ($B) Total Loans and Leases by Portfolio ($B)

$1,200 YoY $600


(2%) 515 502
487
$857 $881 $936 $913 454 455 451 477 448 459 432
$808 73 74 +1%
$800 74 71 $400
71
357 377 346 (8%)
338 350
$400 157 164 174 187 +7% $200
146
254 276 290 311 305 (2%)
$0 $0
4Q16 4Q17 4Q18 4Q19 4Q20 4Q16 4Q17 4Q18 4Q19 4Q20
Consumer Banking GWIM Global Banking Global Markets Consumer loans Commercial loans

Note: Amounts may not total due to rounding.


1 Includes balances related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP) of $24.5B recorded in Consumer $14.5B, GWIM $0.8B

and Global Banking $9.2B for 4Q20. 9


Average Deposits
Bank of America Ranked #1 in U.S. Deposit Market Share 1
Total Corporation ($B) Consumer Banking ($B)
YoY YoY
$1,737 $885
$1,750 +23% +23%
$900
$1,345 $1,410
$1,500 $1,294 $687 $720
$1,251 646 +58% $666 283
$618
$1,250 409
422 $600 209 +28%
442 183 195
$1,000 450 169
213
$750 154 165 178
140
$500 1,002 1,091 +9% $300
801 852 923
328 327 333 389 +17%
$250 309

$0 $0
4Q16 4Q17 4Q18 4Q19 4Q20 4Q16 4Q17 4Q18 4Q19 4Q20
Interest-bearing Noninterest-bearing Money market, Savings, CD/IRA Interest checking Noninterest-bearing

GWIM ($B) Global Banking ($B)


YoY
YoY $478
$350 $306 $500 +26%
+20%
$300 $257 $256 20 +32% $360 $379
$240 $247 $400
$315 $330
$250 17 16 15
17 309 +82%
$200 $300 169
196
$150 285 +19% $200 223
242
239 223 231 240
$100
$100 209 170
$50 163 (19%)
73 107
$0 $0
4Q16 4Q17 4Q18 4Q19 4Q20 4Q16 4Q17 4Q18 4Q19 4Q20
Interest-bearing Noninterest-bearing Interest-bearing Noninterest-bearing

Note: Amounts may not total due to rounding. Total Corporation also includes Global Markets and All Other.
1 Based on June 30, 2020 FDIC deposit data.
10
Net Interest Income
Net Interest Income (FTE, $B) 1 • Net interest income of $10.25B ($10.37B FTE 1)
$15
$12.29 $12.27 — Increased $0.1B from 3Q20, driven by higher
$10.98 $10.24 $10.37 investment securities balances due to the
$10 deployment of excess cash, partially offset by lower
loan balances and higher premium amortization
$12.14 $12.13 expense
$5 $10.85 $10.13 $10.25
• Net interest yield of 1.71% decreased 1 bp from 3Q20 1

$0 — Average rate paid on interest-bearing deposits


4Q19 1Q20 2Q20 3Q20 4Q20 declined 2 bps from 3Q20 to 0.06%
Net interest income (GAAP) FTE adjustment
• Interest rate sensitivity as of December 31, 2020 2
— +100 bps parallel shift in interest rate yield curve is
Net Interest Yield (FTE) 1 estimated to benefit NII by $10.5B over the next 12
months
3.5%

3.0% 2.77% 2.77%

2.5%
2.06%
1.92% 1.90%
2.0% 2.35% 2.33%
1.5% 1.87%
1.72% 1.71%
1.0%
4Q19 1Q20 2Q20 3Q20 4Q20
Reported net interest yield Net interest yield excl. GM

Notes: FTE stands for fully taxable-equivalent basis. GM stands for Global Markets.
1 Represent non-GAAP financial measures. Net interest yield adjusted to exclude Global Markets NII of $1.1B, $1.1B, $1.3B, $1.2B and $1.1B and average earning assets of $472.4B,

$476.2B, $478.6B, $501.6B and $481.4B for 4Q20, 3Q20, 2Q20, 1Q20 and 4Q19, respectively. The Company believes the presentation of net interest yield excluding Global Markets
provides investors with transparency of NII and net interest yield in core banking activities. For important presentation information, see slide 34. 11
2 NII asset sensitivity represents banking book positions.
Expense and Efficiency
Total Noninterest Expense ($B)
$15.2 $14.4 $13.9
$15 $13.8 $13.2 $13.0 $13.1 $13.2 $13.3 $13.2 $13.5 $13.4
2.1
5.4 5.3 5.0 5.3 5.3 5.1 5.4 6.2 5.7
$10 5.3 5.3 5.3

$5
8.5 7.9 7.7 7.7 8.2 8.0 7.8 8.0 8.3 8.0 8.2 8.2

$0
1
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Compensation and benefits Other JV impairment charge

Efficiency Ratio
75% 71% 69%
70%
65%
60% 59% 59% 59% 60%
60% 57% 58% 57% 57% 57%
55%
50%
1
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

• Noninterest expense of $13.9B

— Decreased $0.5B from 3Q20, driven by lower


1 litigation and net COVID-19 expenses, partially offset by higher marketing costs

— Increased $0.7B from 4Q19, driven primarily by higher costs related to COVID-19 and merchant services expenses 2

• Compared to 4Q20, 1Q21 expenses expected to include approximately $350MM for seasonally elevated personnel cost

Note: Amounts may not total due to rounding.


1 3Q19 efficiency ratio is adjusted to exclude the 3Q19 impairment charge of $2.1B related to the termination of the merchant services joint venture, which represents a non-GAAP

financial measure. Reported 3Q19 efficiency ratio was 67%. See note D on slide 31 for reconciliations. 12
2 Merchant services expenses were previously included in Other income as part of joint venture net earnings.
Asset Quality
Net Charge-offs ($MM) 1 • Total net charge-offs of $881MM decreased $91MM from 3Q20

$1,200 $1,122 $1,146 1.00% — Consumer net charge-offs of $482MM decreased $82MM, driven
$959 $972 by Card
$881
0.75%
$800 — Commercial net charge-offs of $399MM were largely flat

0.50% • Net charge-off ratio of 38 bps decreased 2 bps from 3Q20


0.46% 0.45%
0.39% 0.40% 0.38%
$400 • Provision expense of $53MM decreased $1.3B from 3Q20, reflecting a
0.25% $0.8B net reserve release

$0 0.00% — Consumer reserve release of $0.6B driven by Card, due to the


4Q19 1Q20 2Q20 3Q20 4Q20 improved macroeconomic outlook

Net charge-offs Net charge-off ratio — Commercial reserve release of $0.2B driven by the improved
macroeconomic outlook and reduced exposures to industries more
heavily impacted by COVID-19

— The reserve assessment continues to factor in the uncertainty


Provision for Credit Losses ($MM) resulting from the unprecedented nature of the current health crisis

• Allowance for loan and lease losses of $18.8B represented 2.04% of total
$6,000 loans and leases 1
$5,117
$4,761 — Total allowance of $20.7B includes $1.9B for unfunded
commitments
$4,000
• Consumer 30+ and 90+ days performing past due increased from 3Q20 but
remain well below 4Q19
$2,000 $1,389 • Nonperforming loans (NPLs) increased $0.4B from 3Q20, driven by
$941 consumer real estate due to deferral activities
$53 — 45% of Consumer NPLs are contractually current
$0
4Q19 1Q20 2Q20 3Q20 4Q20 • Commercial reservable criticized utilized exposure of $38.7B increased
$3.0B from 3Q20, driven by Commercial Real Estate, primarily Hotels

1 Excludes loans measured at fair value. 13


Asset Quality – Consumer and Commercial Portfolios
Consumer Net Charge-offs ($MM)
Consumer Metrics ($MM) 4Q20 3Q20 4Q19
$1,000 1.50%
$838 $872 Provi s i on ($139) $295 $798
$734 1.25%
Nonperformi ng l oa ns a nd l ea s es 2,725 2,357 2,053
$750
$564 1.00% % of l oa ns a nd l ea s es 1
0.64 % 0.54 % 0.44 %
$482
$500 0.75% 0.75% Cons umer 30+ da ys performi ng pa s t due $4,498 $4,386 $5,776
0.72%
0.65% 2
Ful l y-i ns ured 1,090 1,213 1,811
0.50% 0.50%
$250 0.44%
Non ful l y-i ns ured 3,408 3,173 3,965
0.25%
Cons umer 90+ da ys performi ng pa s t due 1,698 1,410 2,163
$0 0.00% Al l owa nce for l oa ns a nd l ea s es 10,071 10,691 4,542
4Q19 1Q20 2Q20 3Q20 4Q20 1
% of l oa ns a nd l ea s es 2.35 % 2.43 % 0.98 %
Credit card Other Consumer NCO ratio # ti mes a nnua l i zed NCOs 5.25 x 4.76 x 1.37 x

Commercial Net Charge-offs ($MM)


Commercial Metrics ($MM) 4Q20 3Q20 4Q19
$500 0.50%
$412 $408 $399 Provi s i on $192 $1,094 $143
$400 0.40%
Res erva bl e cri ti ci zed uti l i zed expos ure 38,666 35,710 11,452
$250 0.31% 0.32%
$300 0.29% 0.30% Nonperformi ng l oa ns a nd l ea s es 2,227 2,193 1,499
1
$200 0.20% % of l oa ns a nd l ea s es 0.45 % 0.43 % 0.29 %
$121 0.19%
Al l owa nce for l oa ns a nd l ea s es $8,731 $8,905 $4,874
$100 0.09% 0.10% 1
% of l oa ns a nd l ea s es 1.77 % 1.75 % 0.96 %
$0 0.00%
4Q19 1Q20 2Q20 3Q20 4Q20
C&I Small business and other Commercial NCO ratio

1 Excludes loans measured at fair value. 14


2 Fully-insured loans are FHA-insured loans and other loans individually insured under long-term standby agreements.
Consumer Banking
Inc / (Dec)
Summary Income Statement ($MM) 4Q20 3Q20 4Q19
• Net income of $2.6B declined $0.5B from 4Q19 driven by:

Total revenue, net of interest expense $8,242 $203 ($1,272) — Lower NII from lower interest rates, as well as lower service charges
due to higher client deposits and lower card income driven by
Provision for credit losses 4 (475) (930)
reduced credit card activity
Net charge-offs 563 (95) (361)
Reserve build / (release) (559) (380) (569)
— Higher operating costs related to the pandemic
Noninterest expense 4,807 (35) 339 — Partially offset by lower provision
Pretax income 3,431 713 (681) • Net income increased $0.5B from 3Q20, driven by lower provision expense
Pretax, pre-provision income 1 3,435 238 (1,611) and continued improvement in client activity, which drove noninterest
Income tax expense 841 175 (166) income higher
Net income $2,590 $538 ($515) • Noninterest expense of $4.8B increased 8% from 4Q19, primarily driven by
incremental expense to support customers and employees during
Key Indicators ($B) 4Q20 3Q20 4Q19 COVID-19
Average deposits $885.2 $861.0 $719.7 — Continued investment in new and renovated financial centers, client
Rate paid on deposits 0.04 % 0.05 % 0.11 % professionals and digital capabilities offset the continued benefits of
digital usage; 70% digitally active
Cost of deposits 2 1.35 1.37 1.52
Average loans and leases $305.1 $318.8 $311.0 • Average deposits of $885B grew $166B, or 23%, from 4Q19
Net charge-off ratio 0.73 % 0.82 % 1.18 % — 56% of deposits in checking accounts; 92% primary accounts 5
Consumer investment assets 3 $306.1 $266.7 $240.1 — Average cost of deposits of 1.35%; 2 rate paid of 4 bps
Active mobile banking users (MM) 30.8 30.6 29.2 • Average loans and leases of $305B decreased $6B, or 2%, from 4Q19
% Consumer sales through digital channels 45 % 44 % 32 % • Consumer investment assets 3 of $306B grew $66B, or 27%, from 4Q19,
Number of financial centers 4,312 4,309 4,300 driven by market performance and client flows
Combined credit / debit purchase volumes 4 $173.7 $166.1 $167.2 — $26B of client flows in 2020 set a new record
Total consumer credit card risk-adjusted margin 4 10.84 % 9.66 % 8.68 %
— 3.0MM client accounts, up 10%
Return on average allocated capital 27 21 33
Allocated capital $38.5 $38.5 $37.0 • Combined credit / debit card spend 4 increased 4% from 4Q19
Efficiency ratio 58 % 60 % 47 % — Up 5% from 3Q20, with growth in both debit and credit
• 7.2MM consumer clients enrolled in Preferred Rewards, up 1.1MM, or 18%,
from 4Q19; 99% retention

1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 31. For important presentation information, see slide 34.
2 Cost of deposits calculated as annualized noninterest expense as a percentage of total average deposits within the Deposits subsegment.
3 Consumer investment assets include client brokerage assets, deposit sweep balances and assets under management (AUM) in Consumer Banking.
4 Includes consumer credit card portfolios in Consumer Banking and GWIM.
5 Represents the percentage of consumer checking accounts that are estimated to be the customer’s primary account based on multiple relationship factors
15
(e.g., linked to their direct deposit).
Consumer Banking Trends
Business Leadership 1 Total Revenue ($B) Total Expense ($B) and Efficiency
• #1 Consumer Deposit Market Share A
$9.5 $4.7 $4.8 $4.8
• #1 Small Business Lender B $10 $9.1 $5 $4.5 $4.5 75%
$7.9 $8.0 $8.2
• #1 Online Banking and Mobile Banking $8 2.6 2.3 $4
Functionality C 65%
1.9 2.1 2.3
$6 $3 60% 60%
• #1 in Prime Auto Credit Distribution of New 58%
Originations Among Peers D 55%
$4 $2
• Named North America's Best Digital Bank E 6.9 6.9 49%
6.0 5.9 6.0 47%
45%
• Best Mortgage Lender for First Time Home $2 $1
Buyers F
$0 $0 35%
• Merrill Guided Investing - Best Robo-Advisor for 4Q19 1Q20 2Q20 3Q20 4Q20
4Q19 1Q20 2Q20 3Q20 4Q20
Education G
Net interest income Noninterest income Noninterest expense Efficiency ratio

Average Deposits ($B) Average Loans and Leases ($B) Consumer Investment Assets (EOP, $B) 2
$861 $885
$900 $811 0.24% $350 $311 $317 $322 $319 $305 $350 $306
$720 $737 21 29
$750 0.20%
$300 21 34 33 $300 $267
381 393 32 32 31 30 28 $240 $246
364 $250 51 $250 $212
$600 51 50 48
335 342 0.16% 47
$200 $200
$450 92 92 84 79
$150 76 $150
0.12%
$300 0.11% 0.11%
492 $100 $100
446 480
384 395 0.08% 115 122 127 128 121
$150 0.07% $50 $50
0.05% $0 $0
$0 0.04% 0.04%
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
Residential mortgage Consumer credit card
Vehicle lending Home equity
Checking Other Rate paid (%)
Small business / other

Note: Amounts may not total due to rounding.


1 See slide 32 for business leadership sources. 16
2 Consumer investment assets include client brokerage assets, deposit sweep balances and assets under management (AUM) in Consumer Banking.
More Than 39 Million Active Consumer Digital Users (13%
)

Total Erica Users and Interactions (MM) Person-to-Person Payments (Zelle) 1 Total Payments ($B)
YoY 4.2 6.7 9.7 12.9 YoY
20.0 50.0 users (MM) $900 $825 +6%
17.2 $781
+67% 175 157.2 $60 $728
$675
15.0 40.0
140 314 (8%)
35.4 +60% $600 341
10.3 $43 $40 340
105 95.0 334
10.0 30.0

4.8 22.2
70 51.6 $24 $300
5.0 20.0 $20
440 511 +16%
35
23.1 $14 341 388
11.9 $7
0.0 10.0 0 $0 $0
4Q18 4Q19 4Q20 4Q17 4Q18 4Q19 4Q20 4Q17 4Q18 4Q19 4Q20
Erica Users Erica Interactions Transactions (MM) Volume ($B) Digital Non-Digital

Digital Channel Usage 2, 3 YoY Deposit Transactions by Channel Digital % of Total Sales
2,600 1,000 100% 50% 45%
2,355 +12% 14%
25% 22% 21%
2,200 2,094 40%
1,949 750 75% 30% 31% 32%
42%
1,800
1,763 636 +16% 30%
547 500 50% 47%
490 51%
1,400 394 78% 79% 86% 20% 59%
75%
250 25% 58%
1,000 10%
41% 49% 53%
600 0 0% 0%
4Q17 4Q18 4Q19 4Q20 4Q17 4Q18 4Q19 4Q20 4Q17 4Q18 4Q19 4Q20
Digital Channel Usage (MM)
Digital Appointments (000's) Digital / ATM Financial Center Mobile Desktop

Note: Amounts may not total due to rounding.


1 Includes Bank of America person-to-person payments sent and received through e-mail or mobile identification. Zelle users represent 90-day active users.
2 Digital channel usage represents the total number of desktop and mobile banking sessions. 17
3 Digital appointments represent the number of client-scheduled appointments made via online, smartphone or tablet.
Global Wealth & Investment Management
Inc / (Dec)
Summary Income Statement ($MM) 4Q20 3Q20 4Q19
• Net income of $0.8B decreased $0.2B from 4Q19
Total revenue, net of interest expense $4,677 $131 ($236) — Pretax margin of 24% in 4Q20
Provision for credit losses 8 (16) (11) — Net income increased 12% from 3Q20
Net charge-offs 9 15 (8) • Revenue of $4.7B decreased 5% from 4Q19, as lower NII from
Reserve build / (release) (1) (31) (3) lower rates more than offset 6% higher asset management fees
Noninterest expense 3,561 31 38
• Noninterest expense up 1% vs. 4Q19, mainly driven by
Pretax income 1,108 116 (263)
investments in primary sales professionals
Pretax, pre-provision income 1 1,116 100 (274)
Income tax expense 272 29 (64) • Record client balances of more than $3.3T, up 10% from 4Q19,
driven by market valuations and positive client flows
Net income $836 $87 ($199)
— AUM flows of $20B in 2020
Key Indicators ($B) 4Q20 3Q20 4Q19 • Average deposits of $306B increased $50B, or 20%, from 4Q19
Average deposits $305.9 $291.8 $255.9 • Average loans and leases of $187B increased $13B, or 7%, from
Rate paid on deposits 0.03 % 0.04 % 0.70 % 4Q19, driven by residential mortgage, custom lending and
Average loans and leases 187.2 185.6 174.4 securities-based lending
Net charge-off ratio 0.02 % (0.01) % 0.04 %
• ~ 22,000 net new households in Merrill Lynch and ~ 1,800 net
AUM flows $7.6 $1.4 $8.1 new relationships in Private Bank in 2020
Pretax margin 24 % 22 % 28 %
Return on average allocated capital 22 20 28
• Referrals to/from GWIM increased 9% in 2020, demonstrating the
value of the franchise and deepening client relationships
Allocated capital $15.0 $15.0 $14.5
• 77% of Wealth Management clients actively using online or
mobile platforms
— In 4Q20, 50% of eligible checks deposited through
automated channels by Merrill Lynch clients and 71% by
Private Bank clients, up from 33% and 63% respectively in
4Q19
• Wealth advisor headcount stable vs. 4Q19 at 19,373

1 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 31. For important presentation information, see slide 34. 18
Global Wealth & Investment Management Trends
Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B)
• #1 U.S. wealth management market position across client
assets, deposits and loans H $350 $306 $179 $182 $186 $187
• #1 in personal trust assets under management I $287 $292 $200 $174
$300 $256 $263
• #1 in Barron’s Top 1,200 ranked Financial Advisors (2020) 50
$250 $150 47 49 49
and Top 100 Women Advisors (2020) 45
• #1 in Forbes’ Top Next Generation Advisors (2020) and $200
Best-in-State Wealth Advisors (2020) 39 40 39 41 43
$100
• #1 in Financial Times Top 401K Retirement Plan Advisors $150
(2020) $100
• Digital Wealth Impact Innovation Award for Digital $50 87 90 92 93 92
Engagement J $50
• Wealth Tech Award – Best Wealth Manager in North $0 $0
America for use of technology K 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
• Best Private Bank for Customer Service (North America) K Consumer real estate Securities-based lending
• Best Private Bank for Philanthropy Services (globally) K Custom lending Credit card / Other

Total Revenue ($B) Client Balances (EOP, $B) 2, 3


$4.9 $4.9 $4.7 $3,350
$5 $4.4 $4.5 $3,500 $3,048 $3,067
0.7 0.7 $2,928 191
0.6 0.6 0.6 $3,000 179 $2,659 190 322
$4 263 187 296
$2,500 184 292
282
$3 2.6 2.7 1,408
2.5 2.8 $2,000 1,276 1,220 1,286
2.7 1,092
$2 $1,500
$1,000
$1 1,373 1,282 1,345 1,480
1.6 1.6 1.4 1.2 1.3 $500 1,155
$0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
Net interest income Asset management fees Brokerage / Other Brokerage / Other AUM Deposits Loans and leases

Note: Amounts may not total due to rounding.


1 See slide 32 for business leadership sources.
2 Loans and leases include margin receivables which are classified in customer and other receivables on the Consolidated Balance Sheet.
3 Managed deposits in investment accounts of $52B, $50B, $53B, $56B and $43B for 4Q20, 3Q20, 2Q20, 1Q20 and 4Q19, respectively, are included in both AUM and Deposits. Total 19
client balances only include these balances once.
Global Banking
Inc/(Dec)
Summary Income Statement ($MM) 4Q20 3Q20 4Q19 • Net income of $1.7B decreased $0.3B from 4Q19, due to lower
revenue and higher noninterest expense
Total revenue, net of interest expense 1 $4,779 $262 ($362)
Provision for credit losses 48 (835) (10) • Revenue of $4.8B decreased 7% from 4Q19, as higher
Net charge-offs 314 (14) 274 investment banking fees were more than offset by lower NII
Reserve build / (release) (266) (821) (284) • Total Corporation investment banking fees of $1.9B (excl. self-
Noninterest expense 2,433 69 115 led) increased $0.4B or 26% from 4Q19, driven by equity
Pretax income 2,298 1,028 (467) underwriting and M&A fees
2
Pretax, pre-provision income 2,346 193 (477)
Income tax expense 620 277 (126)
— Record quarterly M&A fees of $0.5B
Net income $1,678 $751 ($341) • FY 2020 Total Corporation investment banking fees of $7.2B
(excl. self-led) increased $1.5B or 27%
Selected Revenue Items ($MM) 4Q20 3Q20 4Q19 — Ranked #3 in global investment banking fees in FY 2020 3
Total Corporation IB fees (excl. self-led) 1 $1,864 $1,769 $1,474 • Provision for credit losses relatively flat compared to 4Q19
Global Banking IB fees 1 1,098 970 809
Business Lending revenue 1,876 1,803 2,122
• Noninterest expense of $2.4B increased 5% from 4Q19, driven
Global Transaction Services revenue 1,620 1,612 2,136
by continued investments in the business, including for
Merchant Services
Key Indicators ($B) 4Q20 3Q20 4Q19 • Average deposits of $478B increased 26% from 4Q19, reflecting
Average deposits $478.3 $471.3 $378.5
client liquidity and valued relationships
Average loans and leases 346.3 373.1 377.4 • Average loans and leases of $346B declined 8% from 4Q19,
Net charge-off ratio 0.37 % 0.36 % 0.04 % driven by client paydowns
Return on average allocated capital 16 % 9 % 20 %
Allocated capital $42.5 $42.5 $41.0
Efficiency ratio 51 % 52 % 45 %

1 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities and sales and trading activities.
2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 31. For important presentation information about this measure, see
slide 34.
3 Per Dealogic as of January 1, 2021.
20
Global Banking Trends
2
Business Leadership 1 Average Deposits ($B) Average Loans and Leases ($B)
• North America’s Best Bank for Small to $494 $478
$471
Medium-sized Enterprises L $500 $500
$424
• Best Overall Brand Middle Market Banking M $379 $382 $377 $386 $373
$400 35% $400 15 $346
• North America and Latin America’s Best Bank 49% 40% 15 15
14
for Transaction Services L 13
$300 $300 202
55% 54% 180 183 174
• 2019 Quality, Share and Excellence Awards 159
for U.S. Large Corporate Banking and Cash $200 $200
Management M 60% 65%
51%
$100 45% 46% $100 183 189 200 176
• Relationships with 74% of the Global Fortune 165
500; 95% of the U.S. Fortune 1,000 (2020) $0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20
Noninterest-bearing Interest-bearing Commercial Corporate Business Banking

Total Revenue ($B) 3 Total Corporation IB Fees ($MM)


$2,159
$6
$5.1 $5.1 $1,769 $1,864
$4.8 406
$4.6 $4.5
1.0 0.8 $1,474 $1,388 549
0.4 0.7 0.8 397
$4
0.8 0.8 0.7 269 740
0.8 0.9 377
0.8 0.8 1.2 283 664 641
1.0 1.1 322
$2
927 1,058
2.6 2.6 2.4 2.0 797 740 718
2.0
$0
4Q19 1Q20 2Q20 3Q20 4Q20 (22) (91) (45) (32) (44)
4Q19 1Q20 2Q20 3Q20 4Q20
Net interest income IB fees Service charges All other income Debt Equity Advisory 4 Self-led deals

Note: Amounts may not total due to rounding.


1 See slide 32 for business leadership sources.
2 Average loans and leases include CARES Act PPP balances of $9.2B in 4Q20, $9.4B in 3Q20 and $6.2B in 2Q20.
3 Global Banking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities. 21
4 Advisory includes fees on debt and equity advisory and mergers and acquisitions.
Global Banking Digital Update 1
CashPro® Users CashPro® CashPro® App
across commercial, corporate and business App Sign-ins Payment Approvals Value
banking clients
+40% $174B
~500K Rolling 12 mos. up 8% rolling 12 mos.

CashPro® App Incoming receivables digitally matched with Digital Wallet for
Checks Deposited Intelligent Receivables Commercial Cards
+114% 19MM 2 +18% 2
Rolling 12 mos. In last 12 months YoY

Supporting, Advising and Investing in Our Clients’ Business Continuity,


and Anytime, Anywhere with Digital Solutions that are:
FAST SMART SECURE
CashPro® App Notifications Mobile Token
Expanding access and capabilities For added visibility Expanding access

Digital Wallet Intelligent Receivables


For Commercial Card Bringing AI to Receivables with award-winning solution Document Exchange
Online and Mobile
Real Time Payments Email Assist
For U.S. payments Intelligently casing service requests
Paperless Statements
CashPro® API CashPro® Assistant For commercial card
Supporting real-time access Driving a fast, smart, secure experience

Digitizing KYC refreshes eSignature Biometrics


Faster and easier through CashPro Assistant Also on CashPro Mobile For CashPro Mobile

Improving Connectivity Leveraging Data and Confidently Doing Business


and Access Intelligence Anytime, Anywhere

1 Metrics as of December 31, 2020 unless otherwise indicated. 22


2 As of November 2020.
Global Markets
Inc/(Dec)
Summary Income Statement ($MM) 4Q20 3Q20 4Q19
• Net income of $0.8B increased $0.2B from 4Q19
• [ Bullets to come ]
— Excluding net DVA, net income of $0.8B increased 31% 2
Total revenue, net of interest expense 1 $3,907 ($376) $482
Net DVA (56) 60 30 • Revenue of $3.9B increased 14% from 4Q19; excluding net DVA,
Total revenue (excl. net DVA) 1,2 3,963 (436) 452 revenue increased 13% 2
Provision for credit losses 18 (3) 9
Net charge-offs 24 7 15
— Driven by increases in sales and trading revenues, equity
underwriting fees and card income
Reserve build/ (release) (6) (10) (6)
Noninterest expense 2,820 (283) 205 • Excluding net DVA, sales and trading revenue of $3.1B increased
Pretax income 1,069 (90) 268 7% from 4Q19 2
Pretax, pre-provision income 3 1,087 (93) 277 — FICC revenue of $1.7B decreased 5%, as weaker trading
Income tax expense 278 (23) 50 performance in macro products and mortgages
Net income $791 ($67) $218 outweighed gains in credit 2
Net income (excl. net DVA) 2 $834 ($112) $196
— Equities revenue of $1.3B increased 30%, driven by strong
4Q20 3Q20 4Q19
trading performance in cash and derivatives and increased
Selected Revenue Items ($MM) 1
client activity 2
Sales and trading revenue $3,007 $3,224 $2,769
Sales and trading revenue (excl. net DVA) 2 3,063 3,340 2,855 • Noninterest expense increased 8% vs. 4Q19 driven by higher
FICC (excl. net DVA) 2 1,742 2,126 1,835 activity-based expenses for both card and trading
Equities (excl. net DVA) 2 1,321 1,214 1,020 • Average VaR was $81MM in 4Q20 4 driven by the inclusion of
Global Markets IB fees 712 738 581 market volatility from the COVID-19 crisis in the look-back period
Key Indicators ($B) 4Q20 3Q20 4Q19
Average total assets $683.1 $681.0 $680.1
Average trading-related assets 476.6 485.3 489.3
Average 99% VaR ($MM) 4 81 109 35
Average loans and leases 74.1 72.3 73.0
Return on average allocated capital 9 % 9 % 7 %
Allocated capital $36.0 $36.0 $35.0
Efficiency ratio 72 % 72 % 76 %

1 GlobalBanking and Global Markets share in certain deal economics from investment banking, loan origination activities, and sales and trading activities.
2 Represents a non-GAAP financial measure. See note E on slide 31 and slide 34 for important presentation information.
3 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 31. For important presentation information, see slide 34. 23
4 See note F on slide 31 for the definition of VaR.
Global Markets Trends and Revenue Mix
Business Leadership 1 2020 Global Markets Revenue Mix 2020 Total FICC S&T Revenue Mix
• CMBS Bank of the Year N (excl. net DVA) 2 (excl. net DVA) 2
• Derivatives House of the Year O
• Equity Derivative House of the Year P
• Derivatives and Interest Rate Derivatives House of
the Year Q
67%
• #1 Global Research Firm R 57%
• #1 Global Fixed Income Research Team R 43%
• #1 Quality Leader for U.S. FICC Overall Trading 33%
Quality and #1 for U.S. FICC Overall Service Quality M
• Quality Leader in Global Foreign Exchange Sales and
Corporate FX Sales M
• Share Leader in U.S. Fixed Income Market Share M
• #1 Municipal Bonds Underwriter S U.S. / Canada International Credit / Other Macro 3

Total Sales and Trading Revenue (excl. net DVA) ($B) 2 Average Trading-Related Assets ($B) and VaR ($MM) 4
$15.2
$16 $13.3
$13.2 $12.9 $600 $100
$14 $465 $490 $483
$12 5.4 $442 $80
4.2 4.9 $75
$10 4.5 $400
$8 $50
$6 $40 $35
9.1 9.7 $200 $34
$4 8.4 8.4 $25
$2
$0 $0 $0
2017 2018 2019 2020 2017 2018 2019 2020

FICC Equities Avg. trading-related assets Avg. VaR


Note: Amounts may not total due to rounding.
1 See slide 32 for business leadership sources.
2 Represents a non-GAAP financial measure. Reported sales and trading revenue was $15.0B, $12.7B, $13.2B and $12.8B for 2020, 2019, 2018 and 2017, respectively. Reported FICC sales and trading revenue

was $9.6B, $8.2B, $8.3B and $8.7B for 2020, 2019, 2018 and 2017, respectively. Reported Equities sales and trading revenue was $5.4B, $4.5B, $4.9B and $4.1B for 2020, 2019, 2018 and 2017, respectively.
See note E on slide 31 and slide 34 for important presentation information.
3 Macro includes currencies, interest rates and commodities products.
24
4 See note F on slide 31 for definition of VaR.
All Other 1
Inc/(Dec)
Summary Income Statement ($MM) 4Q20 3Q20 4Q19 • Net loss of $425MM in 4Q20 vs. net income of $262MM in 4Q19
Total revenue, net of interest expense ($1,393) ($458) ($894)
• Revenue declined, primarily due to higher client-driven ESG
Provision (benefit) for credit losses (25) (7) 54
investment activity, resulting in higher partnership losses on
Net charge-offs (29) (4) 2 these tax-advantaged investments, as well as lower equity
Reserve build / (release) 4 (3) 52 investment income, lower gains on sales of debt securities and
Noninterest expense 306 (256) (9) lower net interest income
Pretax income (loss) (1,674) (195) (939)
Pretax, pre-provision income 2 (1,699) (202) (885) • Tax credit partnership losses from ESG investment activities
Income tax expense (benefit) (1,249) 525 (252) were offset by tax credits; the Corporate tax rate for 4Q20 was
Net income (loss) ($425) ($720) ($687) 11%

• For the full year, the Corporate tax rate was 5.8%; excluding the
ESG investment activities the tax rate would have been 21%

1 AllOther consists of asset and liability management (ALM) activities, equity investments, non-core mortgage loans and servicing activities, liquidating businesses and certain expenses
not otherwise allocated to a business segment. ALM activities encompass certain residential mortgages, debt securities, and interest rate and foreign currency risk management
activities. Substantially all of the results of ALM activities are allocated to our business segments. 25
2 Represents a non-GAAP financial measure. For more information and a reconciliation to GAAP, see note B on slide 31. For important presentation information, see slide 34.
Appendix
Credit Card Days Past Due Trend
Credit Card Days Past Due ($MM) • Credit card delinquencies declined in March
through July, driven by loan deferrals and
$5,000 government stimulus

$4,000 • Beginning in August, we saw modest


delinquency increases as deferrals expired
Trend
$3,000 • In 4Q20, we saw early stage delinquencies
recede below pre-pandemic levels as
$2,000 expired deferrals progressed to 90+ days
past due
$1,000
• The increase in later stage delinquencies is
expected to lead to modestly higher card
$0
net charge-offs in 1Q21, that are expected
Dec-19

May-20

Dec-20
Jun-19

Apr-20
Aug-19

Oct-19
Nov-19

Jan-20

Mar-20

Jun-20

Aug-20
Jul-19

Oct-20
Nov-20
Sep-19

Feb-20

Jul-20

Sep-20
to decline again in 2Q21
• As of 4Q20, the 5-29 day past due
5-29 days 30-59 days 60-89 days 90+ days population was 31% lower than 4Q19

5-29 days ($MM) 30-59 days ($MM) 60-89 days ($MM) 90+ days ($MM)
$2,500 $700 $500 $1,200
$600 $1,000
$2,000 $400
$500
$800
$1,500 $400 $300
$600
$1,000 $300 $200
$400
$200
$500 $100 $200
$100
$0 $0 $0 $0
Jun-19

Jun-20

Jun-19

Jun-20

Jun-19

Jun-20

Jun-19

Jun-20
Sep-19

Dec-19

Mar-20

Sep-20

Dec-20

Sep-19

Dec-19

Mar-20

Sep-20

Dec-20

Sep-19

Dec-19

Mar-20

Sep-20

Dec-20

Sep-19

Dec-19

Mar-20

Sep-20

Dec-20
27
Net Interest Income, Net Interest Yield, Average Balances, and Rates
Net Interest Income (FTE, $B) 1 Average Debt Securities and Cash Balances ($B)
$12.7 $12.3 $653
$11.9
$9.9 $10.5 $10.4
$442 $441 $465
$399 $431
2.76% $322
2.42% 2.52% 2.35% 2.48% 2.48% 2.48%
2.14% 2.23% 2.11%
1.71% $148 $126 $129 $130 $123 1.48%

4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20
Net Interest Income ($B) Net Interest Yield (%) Securities Cash Securities Yield (%)

Average Deposits ($B) Average Loans ($B)


$1,737
$974
$1,345 $1,410 $908 $928 $935 $935
$1,251 $1,294 646 $886
$1,186
422 409 4.58%
450 442 4.04% 4.25%
438 1,091 3.63% 3.71%
1,002 3.26%
852 923
748 801
0.67% 0.61%
0.32%
0.11% 0.14% 0.06%
4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20
Interest-Bearing ($B) Noninterest-Bearing ($B) Interest-Bearing Rate Paid (%) Average Loans ($B) Loan Yield (%)

Quarterly Average of 1M LIBOR and 10YR UST Rates


1M LIBOR 10 Yr UST 3.04%
2.18% 2.14% 2.37% 1.79%
2.35%
1.33% 1.79% 0.86%
0.25% 0.60%
0.15%
4Q15 4Q16 4Q17 4Q18 4Q19 4Q20
Note: FTE stands for fully taxable-equivalent basis.
1 Represent non-GAAP financial measures. For important presentation information, see slide 34. 28
End of Period Loans and Leases 1
Total Corporation ($B) Consumer Banking ($B)
$1,200 $1,051 $350 $317 $318 $325 $312 YoY
$983 $999 YoY $300 (6%)
$955 $928 $300
$1,000 (6%)
$250
$800
$200
$600
$150
$400 $100
$200 $50
$0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

GWIM ($B) Global Banking ($B)


$200 $177 $181 $184 $187 $189 $500
YoY $437
+7% $379 $390 YoY
$400 $357 $340
$150 (10%)
$300
$100
$200
$50
$100

$0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

Note: Total Corporation also includes Global Markets and All Other.
1 Includes CARES Act PPP balances of $22.7B recorded in Consumer $13.4B, GWIM $0.7B and Global Banking $8.6B for 4Q20, balances of $24.7B recorded in Consumer $14.6B, GWIM
29
$0.8B and Global Banking $9.4B for 3Q20 and balances of $24.4B recorded in Consumer $14.3B, GWIM $0.8B and Global Banking $9.4B for 2Q20.
End of Period Deposits
Bank of America Ranked #1 in U.S. Deposit Market Share 1

Total Corporation ($B) Consumer Banking ($B)


YoY YoY
$2,000 $1,719 $1,703 $1,795 +25% $1,000 $872 $913
$1,583 $854 +25%
$1,435 $731 $762
$1,500 $800

$600
$1,000
$400
$500
$200

$0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

GWIM ($B) Global Banking ($B)


YoY
$350 $322 +22% $600 YoY
$282 $292 $296 $477 $501 $494
$300 $263 $500 $465 +29%
$250 $383
$400
$200
$300
$150
$200
$100
$50 $100
$0 $0
4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

Note: Total Corporation also includes Global Markets and All Other.
1 Based on June 30, 2020 FDIC deposit data.
30
Notes
A Reserve Build (or Release) is calculated by subtracting net charge-offs for the period from the provision for credit losses recognized in that period. The period-end
allowance, or reserve, for credit losses reflects the beginning of the period allowance adjusted for net charge-offs recorded in that period plus the provision for credit losses
recognized in that period.
B Pretax, pre-provision income (PTPI) at the consolidated level is a non-GAAP financial measure calculated by adjusting consolidated pretax income to add back provision for
credit losses. Similarly, PTPI at the segment level is a non-GAAP financial measure calculated by adjusting the segments’ pretax income to add back provision for credit
losses. Management believes that PTPI (both at the consolidated and segment level) is a useful financial measure as it enables an assessment of the Company’s ability to
generate earnings to cover credit losses through a credit cycle as well as provides an additional basis for comparing the Company's results of operations between periods by
isolating the impact of provision for credit losses, which can vary significantly between periods. See reconciliation below.
4Q20 3Q20 4Q19
Provision for Provision for Provision for
Pretax Income Credit Losses Pretax, Pre- Pretax Income Credit Losses Pretax, Pre- Pretax Income Credit Losses Pretax, Pre-
$ Millions (GAAP) (GAAP) provision Income (GAAP) (GAAP) provision Income (GAAP) (GAAP) provision Income
Consumer Banking $ 3,431 $ 4 $ 3,435 $ 2,718 $ 479 $ 3,197 $ 4,112 $ 934 $ 5,046
Global Wealth & Investment
Management 1,108 8 1,116 992 24 1,016 1,371 19 1,390
Global Banking 2,298 48 2,346 1,270 883 2,153 2,765 58 2,823
Global Markets 1,069 18 1,087 1,159 21 1,180 801 9 810
All Other (1,674) (25) (1,699) (1,479) (18) (1,497) (735) (79) (814)
Total Corporation $ 6,119 $ 53 $ 6,172 $ 4,546 $ 1,389 $ 5,935 $ 8,169 $ 941 $ 9,110
FY20 FY19
Total Corporation $ 18,995 $ 11,320 $ 30,315 $ 32,754 $ 3,590 $ 36,344
C Global Liquidity Sources (GLS) include cash and high-quality, liquid, unencumbered securities, inclusive of U.S. government securities, U.S. agency securities, U.S. agency
MBS, and a select group of non-U.S. government and supranational securities, and other investment-grade securities, and are readily available to meet funding
requirements as they arise. It does not include Federal Reserve Discount Window or Federal Home Loan Bank borrowing capacity. Transfers of liquidity among legal entities
may be subject to certain regulatory and other restrictions.
D The non-cash impairment charge related to the notice of termination of the merchant services joint venture reduced 3Q19 net income by $1.7B, which included an increase
in noninterest expense and a reduction in pretax income of $2.1B and a reduction in income tax expense of $373MM. The impairment charge negatively impacted the
Company’s 3Q19 efficiency ratio by 909 bps.
E Revenue for all periods included net debit valuation adjustments (DVA) on derivatives, as well as amortization of own credit portion of purchase discount and realized DVA
on structured liabilities. Net DVA losses were $56MM, $116MM and $86MM for 4Q20, 3Q20 and 4Q19, respectively, and $133MM, $222MM, $162MM and $428MM for
2020, 2019, 2018 and 2017, respectively. Net DVA losses included in FICC revenue were $52MM, $107MM and $81MM for 4Q20, 3Q20 and 4Q19, respectively and
$130MM, $208MM, $142MM and $394MM for 2020, 2019, 2018 and 2017, respectively. Net DVA losses included in Equities revenue were $4MM, $9MM and $5MM for
4Q20, 3Q20 and 4Q19, respectively and $3MM, $14MM, $20MM and $34MM for 2020, 2019, 2018 and 2017, respectively.
F VaR model uses historical simulation approach based on three years of historical data and an expected shortfall methodology equivalent to a 99% confidence level. Using a
95% confidence level, average VaR was $23MM, $22MM and $20MM for 4Q20, 3Q20 and 4Q19, respectively, and $23MM, $20MM, $19MM and $20MM for 2020, 2019,
2018 and 2017, respectively.

31
Sources
A
Estimated retail consumer deposits based on June 30, 2020 FDIC deposit data.
B
FDIC, 3Q20.
C
Keynova 4Q20 Online Banker Scorecard; Javelin 2020 Online and Mobile Banking Scorecards.
D
Experian Autocount; Franchised Dealers; Largest percentage of 680+ Vantage 3.0 loan originations among key competitors as of October 2020.
E
Euromoney, July 2020.
F
Nerdwallet, 2020.
G
Investopedia, October 2020.
H
U.S.-based full-service wirehouse peers based on 3Q20 earnings releases.
I
Industry 3Q20 FDIC call reports.
J
AITE Group, 2020.
K
Professional Wealth Management, a Financial Times publication, 2020.
L
Euromoney, 2020.
M
Greenwich, 2019.
N
GlobalCapital US Securitization Awards, 2020.
O
Risk Awards, 2020.
P
GlobalCapital, 2020.
Q
IFR Awards, 2019.
R
Institutional Investor, 2019.
S Refinitiv, 2020.

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Forward-Looking Statements
Bank of America Corporation (the “Company”) and its management may make certain statements that constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking
statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or
future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements represent the Company’s current expectations, plans or
forecasts of its future results, revenues, provision for credit losses, expenses, efficiency ratio, capital measures, strategy, and future business and economic conditions more
generally, and other future matters. These statements are not guarantees of future results or performance and involve certain known and unknown risks, uncertainties and
assumptions that are difficult to predict and are often beyond the Company’s control. Actual outcomes and results may differ materially from those expressed in, or implied by,
any of these forward-looking statements.

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties more fully
discussed under Item 1A. Risk Factors of the Company’s 2019 Annual Report on Form 10-K and in any of the Company’s subsequent Securities and Exchange Commission filings:
the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government
actions, including as a result of our participation in and execution of government programs related to the Coronavirus Disease 2019 (COVID-19) pandemic; the possibility that the
Company’s future liabilities may be in excess of its recorded liability and estimated range of possible loss for litigation, regulatory, and representations and warranties exposures;
the possibility that the Company could face increased servicing, fraud, indemnity, contribution or other claims from one or more counterparties, including trustees, purchasers of
loans, underwriters, issuers, monolines, private-label and other investors, or other parties involved in securitizations; the Company’s ability to resolve representations and
warranties repurchase and related claims, including claims brought by investors or trustees seeking to avoid the statute of limitations for repurchase claims; the risks related to
the discontinuation of the London Interbank Offered Rate and other reference rates, including increased expenses and litigation and the effectiveness of hedging strategies;
uncertainties about the financial stability and growth rates of non-U.S. jurisdictions, the risk that those jurisdictions may face difficulties servicing their sovereign debt, and
related stresses on financial markets, currencies and trade, and the Company’s exposures to such risks, including direct, indirect and operational; the impact of U.S. and global
interest rates, inflation, currency exchange rates, economic conditions, trade policies and tensions, including tariffs, and potential geopolitical instability; the impact of the
interest rate environment on the Company’s business, financial condition and results of operations; the possibility that future credit losses may be higher than currently
expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. or global economic conditions and other uncertainties; the
Company’s ability to achieve its expense targets and expectations regarding revenue, net interest income, provision for credit losses, net charge-offs, effective tax rate, loan
growth or other projections; adverse changes to the Company’s credit ratings from the major credit rating agencies; an inability to access capital markets or maintain deposits or
borrowing costs; estimates of the fair value and other accounting values, subject to impairment assessments, of certain of the Company’s assets and liabilities; the estimated or
actual impact of changes in accounting standards or assumptions in applying those standards; uncertainty regarding the content, timing and impact of regulatory capital and
liquidity requirements; the impact of adverse changes to total loss-absorbing capacity requirements, stress capital buffer requirements and/or global systemically important
bank surcharges; the potential impact of actions of the Board of Governors of the Federal Reserve System on the Company’s capital plans; the effect of regulations, other
guidance or additional information on the impact from the Tax Cuts and Jobs Act; the impact of implementation and compliance with U.S. and international laws, regulations and
regulatory interpretations, including, but not limited to, recovery and resolution planning requirements, Federal Deposit Insurance Corporation assessments, the Volcker Rule,
fiduciary standards, derivatives regulations and the Coronavirus Aid, Relief, and Economic Security Act and any similar or related rules and regulations; a failure or disruption in
or breach of the Company’s operational or security systems or infrastructure, or those of third parties, including as a result of cyber-attacks or campaigns; the impact on the
Company’s business, financial condition and results of operations from the United Kingdom's exit from the European Union; the impact of any future federal government
shutdown and uncertainty regarding the federal government’s debt limit or changes to the U.S. presidential administration and Congress; the emergence of widespread health
emergencies or pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the U.S. and/or global economy, financial market conditions and
our business, results of operations and financial condition; the impact of natural disasters, military conflict, terrorism or other geopolitical events; and other matters.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect the impact
of circumstances or events that arise after the date the forward-looking statement was made.

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Important Presentation Information
• The information contained herein is preliminary and based on Company data available at the time of the earnings presentation. It speaks only as of the
particular date or dates included in the accompanying slides. Bank of America does not undertake an obligation to, and disclaims any duty to, update any of the
information provided.
• Effective January 1, 2020, the Company adopted the new current expected credit losses (CECL) accounting standard that measures the allowance based on
management’s best estimate of lifetime expected credit losses inherent in the Company’s lending activities. Prior periods included in this presentation for 2019
reflect measurement of the allowance based on management’s estimate of probable incurred credit losses.
• The Company may present certain metrics and ratios, including year-over-year comparisons of revenue, noninterest expense and pretax income, excluding
certain items (e.g., DVA) that are in non-GAAP financial measures. The Company believes the use of these non-GAAP financial measures provides additional
clarity in understanding its results of operations and trends. For more information about the non-GAAP financial measures contained herein, please see the
presentation of the most directly comparable financial measures calculated in accordance with GAAP and accompanying reconciliations in the earnings press
release for the quarter ended December 31, 2020, and other earnings-related information available through the Bank of America Investor Relations website at:
http://investor.bankofamerica.com.
• The Corporation presents certain key financial and nonfinancial performance indicators that management uses when assessing consolidated and/or segment
results. The Corporation believes this information is useful because it provides management with information about underlying operational performance and
trends. KPIs are presented in 4Q20 Financial Results on slide 6 and on the Summary Income Statement for each segment.
• The Company views net interest income and related ratios and analyses on a fully taxable-equivalent (FTE) basis, which when presented on a consolidated basis
are non-GAAP financial measures. The Company believes managing the business with net interest income on an FTE basis provides investors with a more
accurate picture of the interest margin for comparative purposes. The Company believes that the presentation allows for comparison of amounts from both
taxable and tax-exempt sources and is consistent with industry practices. The FTE adjustment was $113MM, $114MM, $128MM, $144MM and $145MM for
4Q20, 3Q20, 2Q20, 1Q20 and 4Q19, respectively.
• The Company allocates capital to its business segments using a methodology that considers the effect of regulatory capital requirements in addition to internal
risk-based capital models. The Company's internal risk-based capital models use a risk-adjusted methodology incorporating each segment's credit, market,
interest rate, business and operational risk components. Allocated capital is reviewed periodically and refinements are made based on multiple considerations
that include, but are not limited to, risk-weighted assets measured under Basel 3 Standardized and Advanced approaches, business segment exposures and risk
profile, and strategic plans. As a result of this process, in the first quarter of 2020, the Company adjusted the amount of capital being allocated to its business
segments.

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